Bitcoin Cash “Satoshi Vision” (BCHSV) has surged over 33% in the past 24 hours, according to data from CryptoCompare. As most crypto enthusiasts would know, the Bitcoin Cash (BCH) blockchain was split into two separate chains - as a result of a hard fork.
Due to arguments over block sizes - which were being led by CoinGeek’s Calvin Ayre and self-proclaimed bitcoin inventor, Craig Steven Wright (on the “Satoshi Vision” side) and early bitcoin adopter, Roger Ver (among others, on the other side) - the BCH blockchain was forced to split into two different networks.
But what’s causing the current price surge? It’s not clear at press time, however, it’s possible that it could be another one of those pump-and-dump schemes that Crypto has become notorious for.
Sadly, it’s things like this that may have played a major factor in the rapidly declining cryptocurrency prices. Market manipulation in different forms such as insider trading, spreading misinformation, or even disinformation have (arguably) contributed to the market crash.
There are, of course, several other (possible) reasons as to why the markets have been performing so poorly. It’s not just crypto - it’s also traditional financial markets such as the Nasdaq, New York Stock Exchange. The gains most equities, stocks, bonds, and other forms of traditional investments made during 2018 have mostly been erased.
The ongoing trade wars between China and the USA have resulted in increased global political and economic tension. But getting back to Crypto, another HUGE gainer is Factom (FCT). Factoids, or FCT’s market cap has climbed back into the top 100 cryptocurrencies by volume.
More importantly, however, is the fact that the Factom protocol has some real-world uses cases, or what we call “working products.” As explained by one of its community leaders, Niels Klomp, the Factom blockchain is used for document authentication.
Because of Factom community’s long-term vision, sound business strategies, and key partnerships, their product(s) and services are quite likely to succeed. The need for working products is now evident, more than ever. As InvestInBlockchain had reported earlier, there were only about 40 out of the top 100 cryptos by market cap that actually had working products.
Notably, InvestInBlockchain’s standards were not even that high as all that was required was for projects to have SOME value. Sadly enough, recently launched mainnets such as TRON and EOS did not make the cut at that time - and both of them have yet to deliver products that are useful.
Yes, EOS has launched a fairly popular app call EOSBet and the Justin Sun-backed Tron platform has launched TronDice. But let’s get real. These are just silly gambling apps - no need to make them DApps. And, there’s really no need to be using distributed ledger technology (DLT) to build and deploy such basic apps.